daily-navigator-2

How to deal with a loved one who has early-onset Alzheimer's disease

Fri, 17 Nov 2023 03:04:48 GMT

Seek Professional Help:

● Consult with a healthcare professional or specialist who can provide a proper diagnosis and guidance on treatment options and care plans.

Create a Supportive Environment:

● Make your loved one's home safe and comfortable. Remove hazards, install handrails, and use locks on potentially dangerous areas.

● Consider making adaptations as the disease progresses, such as providing more supervision or using tracking devices if wandering becomes a concern.

Establish a Routine:

● People with Alzheimer's often feel more comfortable and secure when they have a daily routine. Consistency can help reduce anxiety and confusion.

Communicate Effectively:

● Use clear and simple language when communicating with your loved one. Avoid asking open-ended questions that may cause frustration.

● Be patient and give them time to respond, as processing information may take longer.

Encourage Independence:

● Allow your loved one to do as much as they can for themselves, even if it takes longer. This can help maintain their sense of autonomy and dignity.

Provide Emotional Support:

● Alzheimer's can be frightening and disorienting. Offer emotional support, comfort, and reassurance.

● Be empathetic and understanding of their feelings, even if they seem irrational.

Plan for the Future:

● Discuss financial, legal, and healthcare decisions while your loved one is still able to participate. This may include setting up power of attorney, discussing living arrangements, and advance care planning.

Join a Support Group:

● Consider joining a support group for caregivers of individuals with Alzheimer's disease. Sharing experiences and advice with others who are going through similar situations can be invaluable.

Take Care of Yourself:

● Caregiving can be physically and emotionally draining. Make sure to take breaks, get enough rest, and seek help from family members or professional caregivers when needed.

● Maintain your own social connections and hobbies to avoid burnout.

Stay Informed About Resources:

● Research local resources and services available for Alzheimer's patients and their caregivers. This may include respite care, adult day programs, and home health services.

Be Prepared for Transitions:

● As the disease progresses, your loved one's care needs may change. Be prepared to adapt and explore different care options, including assisted living or memory care facilities if necessary.

Remember that every person with Alzheimer's is unique, and the progression of the disease varies from individual to individual. It's essential to adjust your approach and care strategies as needed and to seek professional guidance and support when necessary. Your dedication and compassion are vital in providing the best possible quality of life for your loved one with early-onset Alzheimer's disease.

How a Daily Money Manager Can Help Seniors and Their Adult Children Manage Their Financial Affairs

Tue, 17 Oct 2023 15:40:17 GMT

Understanding Daily Money Managers

Daily Money Managers are financial professionals who specialize in helping individuals, particularly seniors, with their day-to-day financial responsibilities. They offer a wide range of services tailored to the specific needs and circumstances of their clients. Let's delve into how

DMMs can be of tremendous benefit:

Bill Payment and Expense Management:

● Seniors often face the burden of managing various bills and expenses. DMMs can organize bills, set up automatic payments, and ensure that no payments are missed, helping to maintain financial stability.

Budgeting and Financial Planning:

● DMMs work closely with seniors and their adult children to create realistic budgets and financial plans. They help set financial goals, track expenses, and make informed decisions for the future.

Income and Asset Management:

● Seniors may have multiple income sources, including pensions, Social Security, and investments. DMMs help manage these income streams, ensuring that funds are utilized efficiently and assets are properly maintained.

Healthcare and Insurance Assistance:

● Understanding health insurance policies and managing medical bills can be challenging. DMMs can help seniors make sense of their coverage, submit claims, and deal with medical expenses.

Financial Advocacy:

● DMMs serve as advocates for their clients, ensuring that their financial rights are protected. They can communicate with financial institutions, legal professionals, and government agencies on behalf of the senior, reducing stress and potential conflicts.

Estate Planning and End-of-Life Matters:

● DMMs assist with organizing and maintaining important estate planning documents, such as wills and trusts. They also help seniors and their adult children make informed decisions about long-term care and end-of-life financial matters.

Preventing Financial Exploitation:

● Sadly, seniors can be vulnerable to financial exploitation. DMMs play a critical role in safeguarding their clients' financial well-being by monitoring accounts for unusual activity and providing guidance on protecting assets.

Peace of Mind for Adult Children:

● For adult children of seniors, hiring a DMM can provide peace of mind. It ensures that their parent's financial affairs are well-managed, reducing the stress and time-consuming responsibilities often associated with caregiving.

Daily Money Managers serve as a vital bridge between seniors and their adult children, helping them effectively manage financial affairs and maintain financial stability during the later stages of life. By providing expert guidance, organization, and advocacy, DMMs not only ease the burden of financial management but also protect seniors from potential financial pitfalls. In an era where financial complexities abound, the services of a DMM can bring peace of mind and financial security to seniors and their families, allowing them to focus on enjoying their golden years.

Are We In A Recession?: Strategies for Financial Resilience...

Wed, 04 Oct 2023 02:04:30 GMT

Build an Emergency Fund

One of the fundamental steps in preparing for a recession is to establish or bolster your emergency fund. Aim to save at least three to six months' worth of living expenses in a separate, easily accessible account. This reserve can provide a financial cushion in case of unexpected job loss or other financial emergencies.

Reduce Debt

High-interest debt can be a significant financial burden during a recession. Prioritize paying down credit card debt and other high-interest loans to reduce your monthly financial obligations. Having less debt will also free up more of your income for essential expenses.

Budget Wisely

Create a detailed budget that tracks your income and expenses. This will help you identify areas where you can cut back if needed during a recession. Focus on essential expenses like housing, groceries, and utilities while reducing discretionary spending.

Diversify Investments

Review your investment portfolio and ensure it is well-diversified. Diversification helps spread risk, so you're not overly exposed to any single asset class. Consult with a financial advisor if you're unsure about your investment strategy, especially in the context of an impending recession.

Increase Savings

In addition to your emergency fund, consider increasing your savings rate. A recession may lead to job uncertainty, so having extra savings can provide added security. Continue contributing to retirement accounts, but be prepared to adjust your contributions if needed.

Evaluate Insurance Coverage

Review your insurance policies, including health, auto, home, and life insurance. Ensure you have adequate coverage to protect yourself and your family in case of unforeseen events. Insurance can be a vital safety net during challenging times.

Diversify Income Streams

Consider ways to diversify your sources of income. This may involve exploring side gigs, freelancing, or starting a small business. Having multiple income streams can help you weather financial setbacks during a recession.

Network and Upskill

In uncertain economic times, it's essential to continuously improve your skills and expand your professional network. Stay relevant in your industry, attend networking events, and consider additional training or certifications that can enhance your employability.

Prepare for Job Loss

No one wants to think about losing their job, but it's wise to have a plan in case it happens. Update your resume, build a professional online presence, and network within your industry to stay connected with potential job opportunities.

Stay Informed and Stay Calm

Keep an eye on economic indicators and news, but don't let fear dictate your financial decisions. Panic selling investments or making impulsive financial moves can often do more harm than good. Stick to your long-term financial plan. Preparing for a recession involves a combination of financial prudence and proactive measures. By building an emergency fund, reducing debt, budgeting wisely, diversifying investments, and taking steps to safeguard your income and assets, you can enhance your financial resilience and navigate economic downturns with greater confidence. Remember that while recessions can be challenging, they are also temporary, and sound financial planning can help you weather the storm and emerge stronger on the other side.

Navigating the Conversation: Talking About Money with Your Aging Parents

Thu, 28 Sep 2023 02:03:42 GMT

Initiate the Conversation with Care

Starting the conversation about money with aging parents requires empathy and sensitivity. Understand that they might be reluctant to discuss their financial situation due to pride or fear. Approach the topic with patience and assure them that you're coming from a place of concern and support.

Choose an Appropriate Time and Setting

Pick a suitable time and place for the discussion. Ensure privacy and minimal distractions, so your parents can comfortably share their thoughts and feelings. Ideally, this should be a relaxed environment where everyone can speak openly.

Express Your Concerns and Intentions

Begin the conversation by expressing your love and concern for your parents' well-being. Let them know that you're interested in discussing money matters to ensure they have a secure and comfortable retirement.

Ask Open-Ended Questions

Use open-ended questions to encourage your parents to share their financial concerns and plans. For instance, you could start with questions like, "How do you envision your retirement?" or "What are your financial goals for the future?" This allows them to lead the conversation and express their thoughts.

Listen Actively

Active listening is crucial during these discussions. Pay close attention to what your parents are saying, and avoid interrupting or jumping to conclusions. Let them share their thoughts and feelings without judgment.

Share Your Concerns and Offer Help

Once your parents have had the chance to talk, share your own concerns and intentions. Be open about your desire to assist and offer your support, whether it's helping with financial planning, researching senior living options, or assisting with bill payments.

Gather Information

If your parents are willing, gather essential financial information such as bank accounts, insurance policies, retirement accounts, and monthly expenses. This information will be invaluable for future planning.

Discuss Legal and Estate Planning

Broach the topic of estate planning, wills, and powers of attorney. These discussions are not only about inheritance but also about ensuring their wishes are respected in case of incapacitation.

Involve Professionals

Consider involving a Daily Money Manager (DMM) in the conversation. These professionals can help facilitate these conversations, provide expert guidance, answer questions, and help create a plan to meet your parents' needs and goals.

Respect Their Autonomy

It's crucial to respect your parents' autonomy in financial decisions. While you may provide guidance and support, ultimately, they should have the final say in how they manage their finances.

Follow Up and Maintain Communication

Financial discussions with aging parents shouldn't be a one-time event. Continue to follow up and maintain open lines of communication. Regular check-ins can help ensure their financial plan remains aligned with their evolving needs.

Having conversations about money with aging parents can be challenging, but they are essential for their financial security and your peace of mind. Approach these discussions with compassion, patience, and a genuine desire to support your parents during this stage of life. By fostering open communication and offering assistance as needed, you can help ensure that your aging parents enjoy their retirement years with confidence and financial stability.

Navigating the Storm: How to Cope with Inflation

Fri, 15 Sep 2023 17:38:38 GMT

Before you can effectively cope with inflation, it's crucial to understand its underlying causes. Inflation can result from various factors, such as increased demand for goods and services, rising production costs, or changes in monetary policy. Keeping an eye on the news and staying informed about the current economic climate can help you anticipate inflationary pressures.

Budget Wisely

One of the first steps in coping with inflation is to take a close look at your budget. Reevaluate your expenses and identify areas where you can cut back or find more cost-effective alternatives. Prioritize essential expenses like housing, groceries, and utilities while being mindful of discretionary spending. Creating a realistic budget can help you stay ahead of rising prices and ensure that your financial goals remain on track.

Invest Wisely

Inflation erodes the purchasing power of your money over time. To combat this loss, consider investing your savings in assets that tend to appreciate in value, such as stocks, real estate, or commodities. Historically, these investments have provided a hedge against inflation. However, keep in mind that all investments carry some level of risk, so it's essential to diversify your portfolio to minimize potential losses.

Consider Inflation-Indexed Investments

Some investments, like Treasury Inflation-Protected Securities (TIPS) in the United States, are specifically designed to protect against inflation. TIPS adjust their principal value with changes in the Consumer Price Index (CPI), ensuring that your investment keeps pace with inflation. While the returns on these investments may be lower than those of other assets, they provide a reliable way to preserve your purchasing power.

Pay Down Debt

High-interest debt, such as credit card debt, can become more burdensome during periods of inflation. The real value of your debt decreases as the currency depreciates, making it easier to pay off. However, it's still essential to manage your debt responsibly. Focus on paying off high-interest debt first and avoid taking on new debt whenever possible.

Diversify Your Income Streams

Having multiple sources of income can be a valuable strategy to cope with inflation. Consider side gigs, freelancing, or investments that generate passive income. Diversifying your income can help you offset rising costs and provide financial stability during uncertain economic times.

Stay Informed and Adapt

Inflation rates can vary from one year to the next, so it's essential to stay informed about the current economic conditions and adjust your financial strategies accordingly. Monitor inflation indicators like the CPI and be prepared to make changes to your budget and investment portfolio as needed.

Seek Professional Advice

If you're unsure how to cope with inflation or want personalized financial guidance, consider consulting a Daily Money manager (DMM) or a financial advisor. They can help you develop a tailored plan to protect your wealth and achieve your financial goals, even in inflationary environments.

Conclusion

Inflation is a natural part of the economic cycle, but it can pose challenges for individuals and families. By understanding its causes and implementing strategies like budgeting wisely, investing in inflation-resistant assets, and diversifying your income, you can better cope with inflation and maintain your financial stability. Remember that financial preparedness and adaptability are key to weathering the storm of inflation and achieving your long-term financial objectives.

Why is tax planning important?

Thu, 07 Sep 2023 03:11:41 GMT

Compliance with Tax Laws: Tax laws are complex and constantly changing. Failure to comply with tax regulations can result in penalties, fines, and legal issues. Tax planning ensures that you are aware of and adhere to all applicable tax laws, reducing the risk of legal consequences.

Improved Cash Flow: By reducing your tax burden, tax planning can increase your cash flow. This means you have more money available for day-to-day expenses, investments, or debt reduction, providing financial flexibility.

Estate Planning: Tax planning is essential for individuals who want to pass on their wealth to heirs or beneficiaries. Proper planning can minimize estate taxes and ensure that your assets are distributed according to your wishes.

Business Success: For businesses, tax planning is critical for managing expenses, maximizing profits, and staying competitive. It can also help with decisions regarding business structure, employee compensation, and investment strategies.

Retirement Planning: Effective tax planning is integral to retirement planning. By minimizing taxes on retirement account withdrawals and Social Security benefits, you can stretch your retirement savings further and enjoy a more comfortable retirement.

Risk Management: Tax planning can help you assess and manage the risks associated with your financial situation. It can involve strategies like diversifying investments to reduce tax-related risks.

Encouraging Economic Growth: Governments often use tax incentives to stimulate specific economic activities, such as investment in research and development or renewable energy. By taking advantage of these incentives, you contribute to economic growth while benefiting from potential tax savings.

Financial Goal Achievement: Tax planning aligns your tax strategy with your financial goals. Whether your objectives include buying a home, funding education, or starting a business, proper tax planning can make these goals more achievable.

In summary, tax planning is not just about paying less in taxes; it's about optimizing your financial situation, complying with the law, and achieving your financial goals. It's a proactive and strategic approach that can have a significant impact on your financial well-being. Consulting with a qualified tax professional or financial advisor can help you develop a tax plan tailored to your specific circumstances.

Long-Term Care Communities - What's The Difference?

Mon, 15 May 2023 13:49:51 GMT

Sub-Acute Care Facilities

Sub-acute care facilities are designed to provide care for patients who need more intensive medical attention than what can be provided in an assisted living or nursing home setting, but who do not require hospitalization. Patients in sub-acute care facilities typically have conditions that require close monitoring, such as severe respiratory issues or post-surgery recovery. Sub-acute care facilities often offer physical therapy, occupational therapy, and other medical services to help patients recover.

Nursing Care

Nursing care facilities, also known as nursing homes, provide around-the-clock care for patients who are unable to live independently due to physical or cognitive impairments. Nursing care facilities provide a range of services, including medical care, personal care, and social activities. These facilities are staffed by licensed nurses and certified nursing assistants who are trained to care for patients with complex medical needs.

Assisted Living

Assisted living facilities provide a level of care that is less intensive than nursing care, but more supportive than independent living. Assisted living facilities typically provide meals, housekeeping, medication management, and personal care services. Residents in assisted living facilities are generally able to live independently, but may need some assistance with activities of daily living, such as bathing, dressing, and grooming.

Key Differences

The main differences between these facilities come down to the level of care provided and the needs of the residents. Continuing care retirement communities offer a continuum of care, while sub-acute care facilities provide medical attention for patients with more acute needs. Nursing care facilities provide around-the-clock medical care for patients who are unable to live independently, while assisted living facilities provide more supportive care for residents who need some assistance with daily activities but are still able to live independently.

In conclusion, understanding the differences between continuing care retirement facilities, sub-acute care facilities, nursing care, and assisted living is essential when making decisions about the best living arrangements for seniors. Each of these facilities has its own strengths and benefits, and it is important to carefully consider the needs of the individual to determine which option is the best fit.

Paying for Long Term Care Without Insurance

Thu, 16 Mar 2023 02:32:52 GMT

Reverse Mortgages: A reverse mortgage is a loan that allows homeowners who are 62 or older to access the equity in their home. The loan does not have to be repaid until the homeowner no longer lives in the home. This can be a good option for people who own their home and want to stay in it for as long as possible.

Medicaid: Medicaid is a joint federal and state program that provides health coverage to eligible low-income individuals, families and children, pregnant women, and people with disabilities. Medicaid may cover the cost of long-term care for those who are unable to pay for it themselves. However, the eligibility requirements and benefits vary by state.

Community Programs: Some communities offer programs that can help you pay for long-term care, such as programs for veterans, people with disabilities, or people with limited income. These programs may offer financial assistance, home care services, or other forms of support.

Paying for long-term care without insurance can be challenging, but there are options available. It's important to consider your financial situation, your future needs, and your goals when deciding which option is best for you. It's also a good idea to speak with a financial advisor or elder law attorney to help you understand your options and make the best choice for your unique situation.

The Importance of Medicare Part B for Elderly Individuals

Tue, 07 Mar 2023 17:00:40 GMT

Why is it important for elderly individuals to have Medicare Part B?

As individuals age, they are more likely to have health problems and require medical care. Medicare Part B helps ensure that these individuals have access to the medical services they need, without having to bear the full financial burden. Without Medicare Part B, elderly individuals may have to pay out of pocket for essential medical services, which can be prohibitively expensive.

What are the options for elderly individuals who do not have Medicare Part B?

If an elderly individual does not have Medicare Part B, they may still be able to enroll in the program, but they may have to pay a late enrollment penalty. Additionally, elderly individuals who do not have Medicare Part B may be able to obtain coverage through a private insurance plan. However, private insurance plans can be more expensive than Medicare Part B, and may not provide the same level of coverage.

In conclusion, Medicare Part B is an essential component of healthcare coverage for elderly individuals. Without this coverage, seniors may be faced with high medical expenses and limited access to medical services. It is important for elderly individuals to understand the importance of Medicare Part B and explore their options for obtaining coverage.

Financial Fraud: Understanding the Risks and Protecting Your Money

Fri, 10 Feb 2023 17:24:39 GMT

Types of Financial Fraud

There are many different types of financial fraud, including:

Phishing scams: This type of fraud involves sending emails or text messages that appear to be from a reputable source, such as a bank or a well-known company. The goal of the scam is to trick the recipient into providing sensitive information, such as passwords or credit card numbers.
Investment fraud: Investment fraud refers to scams where individuals are induced to invest in a bogus investment scheme with the promise of high returns. Some common examples of investment fraud include Ponzi schemes and pyramid schemes.
Insider trading: Insider trading occurs when someone uses inside information to make financial gains in the stock market. This is illegal and can have serious consequences for both the individual and the company involved.
Identity theft: Identity theft occurs when someone steals another person’s personal information and uses it to open accounts, make purchases, or commit other types of financial fraud.

Protecting Yourself from Financial Fraud

To protect yourself from financial fraud, it’s important to be aware of the risks and take steps to reduce your exposure. Here are some tips to help you stay safe:

Be wary of unsolicited emails or phone calls: If you receive an email or phone call from someone claiming to be from your bank or another reputable organization, do not provide any personal information. Instead, hang up and call the organization directly to verify the legitimacy of the request.
Use strong passwords: Strong passwords are one of the most effective ways to protect yourself from financial fraud. Use a combination of letters, numbers, and symbols to create a password that is difficult to guess.
Be cautious when investing: Before investing in any scheme, do your research and understand the risks involved. If something sounds too good to be true, it probably is.
Monitor your accounts: Regularly check your bank and credit card statements to ensure that there are no unauthorized transactions. If you notice any suspicious activity, report it immediately to your bank or financial institution.

Financial fraud is a serious issue that affects individuals, businesses, and the economy as a whole. To protect yourself from these risks, it’s important to be aware of the different types of financial fraud, take steps to reduce your exposure, and monitor your accounts regularly. By taking these steps, you can protect yourself and your financial assets from the dangers of financial fraud.

Private Pay in Assisted Living Communities: How It Works

Sat, 04 Feb 2023 18:10:38 GMT

How much does private pay cost?

The cost of private pay in assisted living communities varies depending on the level of care, location, and other factors. On average, assisted living communities in the United States charge anywhere between $5,000 and $7,000 per month for private pay. However, the cost can be significantly higher depending upon the levels of care.

What is included in private pay?

Private pay typically covers the cost of room and board, as well as daily assistance with tasks such as bathing, dressing, and medications. Some communities also include meals, housekeeping, and other amenities in their private pay packages.

How to pay for private pay?

Private pay can be paid monthly, quarterly, or annually. Some assisted living communities allow residents to pay by credit card, check, or electronic funds transfer (EFT). Many communities also offer payment plans or discounts for longer stays.

Benefits of private pay

Private pay provides a great deal of flexibility for residents and their families. It allows residents to choose a community that meets their specific needs and preferences, without being restricted by government funding options. Private pay also provides peace of mind for families, as they can be assured that their loved ones are receiving the best possible care.

The private pay requirement is an important factor to consider when researching assisted living communities. But if it is something you can afford, these communities provide residents and their families with the flexibility and peace of mind they need, while ensuring that residents receive the best possible care. A Daily Money Manager who is knowledgeable about these communities can help you manage this complicated landscape and will help you and your loved ones make the right decision.

A story I hear often...

jernach@gmail.com (Jeremy Nachtigall) — Mon, 27 Jun 2022 18:23:35 GMT

My client knew he needed help. When we first spoke on the telephone, he asked me if I get involved with the daily financial tasks for my clients such as, writing checks, paying and reconciling bills, sort through the mail, reviewing financial statements, and troubleshooting financial errors, etc. Additionally, he needed someone to be hands on to make sure he stayed within the Medicaid financial guidelines. I explained that these are common tasks which I do for my clients so they can rest easy knowing they have a professional working on their behalf for the benefit of their loved ones.

If you are experiencing the stress and life disruption that comes with caring for an elderly parent, you will find relief through the services of a Daily Money Manager.

Do You Need a Cash Flow Analysis?

jernach@gmail.com (Jeremy Nachtigall) — Fri, 03 Jun 2022 15:53:02 GMT

She knew her mom had money, but she knew that her mom liked to spend money too. Nobody was monitoring how much was coming in or going out, so she wanted reassurance that her mother had sufficient resources to pay for her kitchen renovation.

I recommended we do a cash flow analysis. A cash flow analysis is a study which simply determines how much income you have left over after all of your fixed and variable expenses. This statement is based upon one simple calculation: Total Income - Total Expenses = Net Cash Flow.

Following our analysis, we were able to determine that based upon mom’s current income, expenses, and asset values, she had a net surplus of cash month over month, and was in a good financial position. Her daughter felt relieved in knowing that her mother could continue to do the things that gave her joy, without jeopardizing her long term care needs.

Are you concerned about your aging parents?

jernach@gmail.com (Jeremy Nachtigall) — Tue, 15 Mar 2022 02:41:08 GMT

How to identify older adults who may need help

If they are confused or making mistakes

Research shows that diseases like Alzheimer’s can be spotted in financial activity. Missed payments, duplicate payments, and other seemingly everyday mistakes can serve as early signals of these issues. A Daily Money Manager (DMM) can help recognize these issues.

If they’ve recently retired, become divorced, or widowed

Adjusting to change becomes more difficult as we age. As a DMM, we bring order, stability and financial clarity to seniors, retirees, and adult children caring for their elderly parents.

They have mentioned a desire to stay financially independent

A Daily Money Manager’s role is to provide financial care so that their clients remain in control of their finances. We provide an extra level of comfort, for our clients, in knowing that their accounts are being monitored.

Protecting you from scammers

jernach@gmail.com (Jeremy Nachtigall) — Wed, 09 Mar 2022 02:29:29 GMT

...how we're different!

● Changes in spending patterns

● Unusual transfers/withdrawals

● Unusual payees

● Unusual cash usage

● Unknown or unusual merchants

● Late bills and payments

● Large or unusual transactions

● Duplicate transactions

● Unusual balances or balance patterns

● Unusual transaction locations

● Recurring charitable donations

● Irregular and unexpected fees

Daily Navigator’s clients can rest easy knowing that their financial and credit accounts are secure and are protected against fraud and identity theft at no additional charge.

The scammers are out in full force

jernach@gmail.com (Jeremy Nachtigall) — Thu, 03 Mar 2022 18:31:52 GMT

...and we're on the front lines to keep you protected!

In becoming the Financial Caregiving Partner to Daily Navigator, Carefull's artificial intelligence platform will help us by analyzing checking, savings, and credit card accounts for more than 30 issues that can affect older adults’ finances, such as:

● Late or missed payments

● Behavior changes and mistakes

● Unusual banking activity

● Cash transfers

● Charitable contributions that unknowingly recur

Daily Navigator will help its clients maintain their financial independence while providing peace of mind to their loved ones. Going beyond typical advising, Daily Navigator’s Carefull service will also enable robust communication among family members who are involved in the financial safeguarding process.

How To Gain More Hours In Your Day

jernach@gmail.com (Jeremy Nachtigall) — Sat, 20 Nov 2021 02:57:19 GMT

Compassion fatigue is real. Caregiving takes a toll. It can be lonely and frustrating. Finding the right balance in life with all of the demands and challenges pulling in so many directions can seem impossible. Sometimes, the thing that really helps is having someone to really listen to you as you talk through your daily frustrations.

As a Daily Money Manager, it’s my job to listen to family caregivers and work with them to create that “me” time by bringing focus and structure to their daily challenges such as paying bills, handling disputes, looking out for fraudulent activity, advocating for your loved one, submitting insurance claims, researching appropriate Long Term Care facilities, or just navigating the eldercare landscape. My clients seek me out if they live a distance from their loved one and they can't always be there to help. Others will use my services if they simply have too much on their plate and still other folks may just need a break from the daily tasks. Don’t be afraid to ask for help. You’re not alone. Speak to a professional who is in the business of helping, like a Daily Money Manager. The services that we provide can bring you the relief that will restore balance to your life.

Five Tips From Medicare

jernach@gmail.com (Jeremy Nachtigall) — Mon, 18 Oct 2021 01:36:48 GMT

- Review your 2022 “Medicare & You” handbook . It has information about Medicare coverage and Medicare plans in your area.

- Preview 2022 health and prescription drug plans. Compare your current Medicare plan to others, and see prices based on any help you get with drug costs.

- Get personalized help in your community. A Daily Money Manager can help you organize your documents, help you in your decision making and facilitate your enrollment.

Seven Steps to Creating a Budget

jernach@gmail.com (Jeremy Nachtigall) — Fri, 27 Aug 2021 01:49:23 GMT

Here are 7 steps you can take in developing a budget and keeping you in control of your finances.

1. Work on a spreadsheet

If you’ve never done any data input on a spreadsheet, this may seem a little intimidating but it will keep you organized. I highly recommend it!

2. Identify the sources and amount of money you have coming in, on a monthly basis

You may be receiving a salary, a pension, or social security. These sources of income are easy to calculate on a per month basis because they are consistent. Some people may receive quarterly interest or dividend payments. If this is the case, determine your annual income from these sources and divide by 12 so you can get a per month number. A DMM will help you generate this number, if you don't have a process in place for keeping track of your inflows

3. Track your spending

Make a list of fixed costs (electric, insurance, cable, etc.) and variable costs (entertainment, gifts, clothes, etc). Review your actual spending from your statements. When you do this you may find charges that you weren’t even aware of. You might be spending money on a service that you don't even use anymore. If you find these types of charges, add them up; you’ll be shocked at how much money is being wasted every year. Not everybody keeps receipts and financial statements are confusing. DMMs know what to look for and help their clients by sifting through these statements and isolating relevant information.

4. Set your goals

What’s the reason that you need to do this? Is there something that you are saving for? Maybe you know that your expenses are high and you just need to make cuts. Maybe there are expenses that you need to prepare for. Be clear about what you hope to achieve by creating a budget.

5. Make a plan

By creating and living within a budget, you’ll have a clear picture of what your financial situation is. You’ll be able to know if you can add more money to a cash reserve or maybe make an investment; take the vacation you’ve been thinking about, or there may be some other large expense on the horizon that you’ll need to prepare for.

6. Adjust your habits if necessary

You may have to reduce your spending across the board. Is your internet provider offering a lower cost option? Are you on the right cell phone plan? Are there personal care services you can spend less money on? Maybe instead of getting season tickets to the theater, you’ll purchase tickets individually. Don’t fear! These small adjustments in your spending can have a large and positive impact on your overall financial picture.

7. Keep checking in

Budgets are fluid and can change with changes in income, expenses, wants, and needs. This is where the spreadsheet really helps. If you know how to use formulas in a spreadsheet, adjusting numbers is very easy. A Daily Money Manager who is skilled in developing this type of planning document can help.

Family Dynamics of Caregiving - Part 3

jernach@gmail.com (Jeremy Nachtigall) — Mon, 16 Aug 2021 14:35:13 GMT

From the perspective of financial caregiving, cost of living expenses and future costs of care are important items to consider. A DMM can help you budget for future or unforeseen expenses and in analyzing your cash flows. It should also be noted that Medicaid may be used as a part of your long-term care financing strategy. This is a topic that should be discussed with your Elder Law Attorney .

The last thing your parents want to see is infighting amongst their children. Compromise and collaborate with your siblings for the best solution. Families who use professionals, like a DMM , to help mediate these situations experience calm, reasonable discussions as opposed to unproductive internal family disputes which aren't helpful and lead to wasted time and money.

Many older adults would prefer to remain at home if the cost of care is not prohibitive or the type of care required can be administered at home. But the fear of the unknown leads to stress. Families should be aware that there are many resources available to help in these situations, you don’t have to go it alone. In situations where there may be differing opinions, sophisticated planning strategies, lack of time, or if physical distance is an issue, families will engage with a Daily Money Manager as their eyes and ears on the ground, who is able to bring order and clarity to the discussion and add valuable input to the financial and life plan of your loved ones. Working with a third party like a DMM , to mediate and offer an objective ear, or to help “keep the peace” and “get things done” is a prudent course of action.

Family Dynamics of Caregiving - Part 2

jernach@gmail.com (Jeremy Nachtigall) — Fri, 06 Aug 2021 17:13:32 GMT

Many times, debating who, what and how much care should be provided becomes a futile exercise that causes conflict and even more stress. In fact, after my mom got sick, I was diagnosed with hypertension that was due to the added stress I was experiencing. It is a good choice to consult with a Daily Money Manager , who has experience in negotiating these types of family dynamics, to help guide you in your decision-making.

If you don’t have these conversations, you and your family members may be at opposite ends of the spectrum with emotions running high, and remember, never make these types of decisions in a hyper emotional state. Some family members may feel that a long term care facility is in the best interest of their loved one, some may feel that in home care is best. Another child may feel that not enough is being done by the others to keep mom or dad home. I recommend having multiple family meetings and following an agenda weekly, monthly, or quarterly so that all family members are on the same page and responsibilities can be delegated. This will limit the number of disagreements and will result in everyone feeling that they are valued and their opinions heard. A DMM can help facilitate these meetings.

In Part 3 of "Family Dynamics of Caregiving", I'll discuss how you can address what is in your family member's best interests and who should take charge.

Family Dynamics of Caregiving - Part 1

jernach@gmail.com (Jeremy Nachtigall) — Thu, 29 Jul 2021 19:35:55 GMT

Caregiving is complicated enough with one person but when multiple family members are involved it becomes much more challenging. In my case, I moved into my mother’s house which allowed me to not only give and get emotional comfort but also to provide point-of-service financial caregiving . My sisters and I were fortunate because we all were very involved when it came to our mother’s overall care plan and schedule, but it’s not always so easy and believe me, we weren’t always in sync either. In some cases, the caregivers who are placed in this position may feel there are unfair expectations placed on them. Some may fear that there may be an ulterior motive by one or more family members. Oftentimes, resentment creeps in which can have devastating effects on familial relationships, especially if money is involved.

Compassion Fatigue is the unfortunate byproduct and the family caregivers are at risk of physical and/or emotional burnout. In fact, the U.S. Department of Health and Human Services concluded that “Caregiving has all the features of a chronic stress experience: It creates physical and psychological strain over extended periods of time, is accompanied by high levels of unpredictability and uncontrollability, has the capacity to create secondary stress in multiple life domains such as work and family relationships, and frequently requires high levels of vigilance. Caregiving fits the formula for chronic stress so well that it is used as a model for studying the health effects of chronic stress.” Caregivers become exhausted, resentful and feel emotional guilt. This is why assigning some of your daily tasks to a Daily Money Manager will provide relief.

In Part 2 of "Family Dynamics of Caregiving", I'll talk about steps to address family dynamics so that you can prevent compassion fatigue.

Don't Be Afraid of Medicaid

jernach@gmail.com (Jeremy Nachtigall) — Tue, 20 Jul 2021 17:05:33 GMT

These are all in addition to other strategies to, what I like to call, “artificially impoverish” the proposed Medicaid applicant. The fact is, if you structure your assets properly, Medicaid can pay for your LTC facility costs while your personal assets are not only protected but now can be used to enhance your standard of living.

You may have heard that the Medicaid Penalty Divisor increased in New Jersey from $357.67 to $361.20. But what is it and why does it matter? The penalty divisor is the average daily cost of a nursing home in a particular state. The penalty divisor is used to determine the amount of time that Medicaid will not pay for services. When an application is made for Medicaid coverage, 5 years of the applicant’s financial records are reviewed, which is also known as the “five-year lookback period”. All financial transfers that took place during the previous five year period are added up and the sum is then divided by the Medicaid Penalty Divisor. For those who have properly done advanced planning, you will benefit from Medicaid coverage. For folks who have not properly prepared, they will have to self-fund their LTC for a period of time. On the bright side, this increase in the divisor is a good thing as it reduces the amount of time that you'll have to pay out of pocket.

Part of my Daily Money Manager practice includes working with clients and their attorneys on their documents and Medicaid applications because this is not something that you should do on your own. I strongly recommend engaging with an elder law attorney or other elder care professional who has experience with Medicaid applications. A mistake could have serious consequences, including ineligibility for benefits.

How do you know when it's time to lose the car and get a mobility van?

jernach@gmail.com (Jeremy Nachtigall) — Sat, 10 Jul 2021 18:07:08 GMT

Then we had to remove the armrests and footrests from the wheelchair and use a transfer board to slide my mom into the passenger seat. We’re only halfway there at this point. Now, get the seatbelt around mom, fold up the chair and put it in the trunk. This was the daily process to get my mom from place to place. It wasn’t until December or January that we came to the decision that we needed to get a mobility van. We had an appointment with her elder law attorney to discuss the funding of her care, asset protection, and required documents. I distinctly remember parking on the slush-covered street and what a challenge it was to now do in reverse what we had just done 15 minutes earlier. Getting the chair out of the trunk, positioning the chair on the curb and setting up the transfer board so we could get my mom out of the car and into her wheelchair and then reattaching the armrest and footrest. You have to understand this was a constant exercise. Over and over. And exhausting to say the least.

I was tasked with locating a vehicle for my mom and disposing of her current car. I went to work researching dealerships that sell mobility vehicles. Fortunately, I found a modified-van resale dealer in NJ. The next decision was what kind of van do we need? Toyota, Honda, Chrysler? New or used? Rear entry or side? And it wasn’t just a matter of picking your favorite car, we had to decide which modification to use, Braun or AMS? How about the chair locking system? A retractable ramp or a folding ramp, etc. After much time researching for the right dealership, the various vehicle choices, options and pricing, I ultimately located a vehicle with Braun equipment. Now, if you’ve ever gone shopping for a car, you know that this is an event that requires mental strength. What we normally do is look at Kelley Blue Book or the NADA to determine what a vehicle should cost. However in this case, I really had no basis to determine if the dealer’s pricing was fair except for comparable vehicles with comparable equipment. We made the deal which included trading in my mother’s car.

This was the game changer. Gone were the days of pulling the wheelchair up to the car. Gone were the days of folding it up and putting it in the trunk. Gone were the days of struggling to get my mom in and out of the car, and gone were the days where my mom didn’t feel as though she was a burden on her children because that’s what usually happens. Our parents don’t want to be a burden on us. That’s why it is important to prepare now so that you are not rushed into a decision later. The steps you take now to prepare for what could be will benefit you in the long run. I decided to be a Daily Money Manager so I could help other families avoid the stress and frustration of having to navigate these situations and complete these goals alone.

To Reverse or not to Reverse

jernach@gmail.com (Jeremy Nachtigall) — Thu, 17 Jun 2021 19:11:45 GMT

In my work as a Daily Money Manager , I’ve helped clients who qualify for reverse mortgages in gathering and organizing the proper documents or communicating with the mortgage company on their behalf. Some clients will use reverse mortgages to make up for a shortfall in their income. For folks on a fixed income, this may be a clear indication that either their fixed expenses are too high or their spending habits need to be addressed. It’s a good idea to consult with a DMM who can be objective and unemotional because it's never a good idea to make major financial decisions based on emotions.

The loan will be paid back when the house is sold. If the proceeds are less than what is owed upon sale, the borrower is protected because these loans are insured by the FHA (Federal Housing Authority). What this means is that the FHA will make up the difference so you or your heirs won’t be left with the debt.

Homeowners who qualify for this type of transaction must go through a counseling process from a government-approved agency like HUD (Department of Housing & Urban Development) to ensure full transparency and a complete understanding of the product. Folks who own their home, want to stay at home and are looking for ways to enhance their income should speak with a reverse mortgage specialist to learn the ins and outs of this type of product to determine if it will fit in their overall elder care plan. A DMM can help guide you in finding a reverse mortgage specialist and with your decision making.

Who will care for the caregivers?

jernach@gmail.com (Jeremy Nachtigall) — Tue, 01 Jun 2021 19:38:21 GMT

The U.S. Bureau of Labor Statistics also reports that employment of home care aides, who earn $12 per hour on average, is projected to increase by 34% over 20 years. What does this mean? It means we have to do something! The White House reported that “President Biden believes more people should have the opportunity to receive care at home, in a supportive community, or from a loved one.”

Aging-in-Place has never before been such a popular idea and the stress and pressure placed on those who provide care has never been more real. With this proposal by the Biden Administration, relief to the caregivers and those they care for will be a much-needed benefit. “They deserve high-quality services and support that meet their unique needs and personal choices,” the President said of the aging community and folks with disabilities. He also commented on the professional caregiving community and the folks under their care saying, “These investments will help hundreds of thousands of Americans finally obtain the long-term services and support they need, while creating new jobs and offering caregiving workers a long-overdue raise, stronger benefits, and an opportunity to organize or join a union and collectively bargain.”

Could this mean that in the future employers may offer a pre-tax deduction for qualified caregiving expenses, similar to an HSA account for services including a Daily Money Manager ? Imagine how powerful this type of savings account would be for our generation and for future generations. Only time will tell but finally, it looks like something will be done! And like the old saying goes, “a rising tide lifts all boats.”

It's never too late!

Thu, 20 May 2021 16:10:16 GMT

My client isn’t well versed in the realm of investing and as such, he has requested that I guide him in getting some of this stagnant money working for him. As a DMM with a background in financial services, I help my clients figure out ways to best utilize their available funds. In the case where a client doesn't have the time, patience or confidence to go through this exercise on their own, I, as a Daily Money Manager, know my client’s monthly spend rate, spending patterns, and how much of a cash reserve is needed to meet financial obligations. By knowing this information, I can now assess if the client is sitting on too much cash. Since I am no longer a Registered Rep with FINRA, I am not and cannot be paid a fee for advice on specific investments nor am I allowed to earn a commission on trades. However, I can offer an objective, educated opinion and help with back office administration like account opening or transferring of funds. I can also, at the request of my client, make the investment.

Here, my client has given me access to his accounts and requested that I help get his financial house in order. I then suggested we open a self-directed investment account with his bank. Just as financial advisors must make suitable recommendations, a DMM or anybody who is in a fiduciary role for that matter, must consider the suitability - the client’s age, investment objective, time horizon and risk tolerance. Daily Money Managers like me, who are members of AADMM (American Association of Daily Money Managers), must follow the association’s Standards of Practice and adhere to its strict Code of Ethics.

A day in the life of a Daily Money Manager...

jernach@gmail.com (Jeremy Nachtigall) — Fri, 07 May 2021 15:28:05 GMT

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As a Daily Money Manager, I was referred to a person in need on December 30th, who was dealing with her husband who had early onset Alzheimer's. He was aggressive and she was concerned for her safety and for the safety of the home health aides. She didn't know what to do or where to turn. I moved into crisis management mode and began making calls to find a memory care facility that would accept an aggressive Alzheimer's patient, the day before New Year's Eve.

We ultimately found a location that was close in proximity. I coordinated with the social worker at the hospital so that they would be prepared for him to come in via the emergency room. I then had to speak with my client, who was in a very fragile state, to let her know that we were going to have her husband taken to the hospital. We called the local police station, and explained to them that we needed an ambulance for her husband. My client had a POA so she was able to make decisions on his behalf.

This was a very stressful time for my client. Her husband of almost 40 years was, understandably, very confused. It wasn't easy to call the police with her, to have them come to remove her husband. But she knew that this had to be done for her own safety, for her aide's safety and for her husband's own safety.

Much of the work I do as a Daily Money Manager includes crisis management and/or damage control. This was an urgent matter that needed to be addressed with a clear head. Sometimes, when you're that close and in dire straits, it becomes necessary to seek out an objective professional to help.

Why I Became a Daily Money Manager

jernach@gmail.com (Jeremy Nachtigall) — Mon, 19 Apr 2021 14:41:23 GMT

Based upon his reputation and position as Head of Neurosurgery at the hospital, we had every reason to feel confident in his care. Following her surgery, which was deemed successful, she went to a sub-acute rehab facility to work on regaining her strength. It was at this time that we noticed that her right arm really wasn’t improving. I wasn’t overly concerned about her finances at this point because several years earlier, I had written a LTC policy for her for this exact reason: to protect her assets should an event like this occur. If I’ve done anything right in my life, this was it: making the recommendation that my Mom get a LTC policy.

It was at this point that I explained to my sisters that Mom had a Home Modification benefit on her LTC policy that was available to pay for things like grab bars, a stair lift, etc. So, in addition to interviewing multiple Home Care agencies so we would have an in-home aide ready for her when she got home, we had her split-level house fitted so she could get around from room to room and upstairs safely. I thought this was going to be temporary.

We didn’t get a diagnosis of ALS until several months after her surgery. We knew nothing about ALS or how unpredictable the disease was. This is when I started to get nervous about her money. Following a very brief period of recovery, her health began to deteriorate very quickly. Along with that came greater needs, and higher expenses that were surpassing her LTC benefit amount and cutting into her principle. That’s a big no-no from a financial perspective. I immediately took on the role of financial caregiver with an objective of dramatically reducing her expenses while working with her, my sisters, my mother’s financial advisor and our eldercare attorney in developing a plan for our mother’s care to ensure that she didn’t run out of money. Over the next few years, my sisters and I took on multiple overlapping roles in helping to care for our Mom. We dealt with transportation, grocery shopping, house management, and interfacing with the homecare agency, which included signing off on homecare services and reconciling insurance EOBs. We did this all while having our own separate careers and families. To say caregiving is a full time job, is an understatement. It's also very emotional, it’s financial, it’s administrative and logistical.

This is why I moved in. My mother needed a someone, a Daily Money Manager , who would go through the mail, to review all of the files in the house, separating legal and financial documents, to set up all of the autopay accounts, to pay the housekeeper, to communicate with utility companies on her behalf. She needed a Daily Money Manager to pay the property taxes and keep the house maintained, to pay the landscaper, to even deal with emergencies like getting the air conditioner fixed, literally, in the middle of July. The unintended outcome of all of this: My mom outlived her doctor’s expectations, didn’t outlive her money and I discovered a new passion to pursue, helping other families in similar situations deal with the daily pressures of caregiving.

There's 45 million of us...

jernach@gmail.com (Jeremy Nachtigall) — Tue, 13 Apr 2021 20:22:41 GMT

Most of my time, so far, has been spent filling in the holes on the report to come up with a budget. But, one budget isn’t enough. We need to consider his financial position at the point that he takes over the financial obligations of his mother’s house and what his next move may be. I’ve said it many times - during periods of stress and heightened emotions, it is important to discuss your options with a professional who is skilled in these areas of life planning. My client deserves a lot of credit for asking for help.

In creating more than one budget,considering current and potential future income streams versus current and estimated future costs, we have sufficient preliminary data to work with a financial advisor in creating a financial plan.

My client pays some of his bills on his credit card and some straight out of his checking account. He, fortunately, has the financial wherewithal to pay his full credit card balance every month. So, to be sure we don't miss a payment, we needed to link his credit card to his checking account. But it’s more than that: it’s linking the car insurance, the telephone, it’s setting up his EZ-Pass account, etc. Then, there is the monthly account reconciliation and in some cases, troubleshooting an incorrect charge. You may be saying to yourself, “of course the accounts should be linked, everybody does that.” But remember, this person has a lot going on. He is alone, he works sometimes 18 hours a day, his mom is sick and his future is unknown. Is it any surprise that he can’t seem to find the time or have the energy to do these, what seems like, effortless tasks?

Caregiving is a lonely job. But, if you’re one of the 45 million of us who are feeling the squeeze of caring for a loved one while also caring for yourself and your family, you are not alone. Caregiving causes stress and burnout, two interwoven elements of compassion fatigue that can result in higher risks to your health. This can be minimized with the help of a professional Daily Money Manager . Remember, when most people hear the word “caregiver”, they immediately think, “Oh, like feeding them” or “helping them get dressed,” but it’s more than that: it's also very emotional, it’s financial, it’s administrative, It’s logistics. You are not alone. You need not feel overwhelmed. We are here to help.

Here are the facts:

In the past five years, over 40 million family caregivers provided 37 billion hours of care for loved ones. The value of this care is estimated at $470 billion.
At least 20% of adult children are taking care of an older parent.
About 85% of family caregivers in the U.S. do not receive any respite care.
The last phase of life is generally 4.5 to 5 years.
Nearly half of family caregivers over age 40 handle medical tasks, from changing bandages to inserting catheters or feedings tubes. Among that group, only 47% say they have received adequate training to perform those tasks. But more than 90% of family caregivers say they value the experience.
Nearly half of caregivers have trouble balancing work and caregiving.
Men are more likely to have employers who are not supportive of their caregiving duties.
Of working caregivers, 8% state that they have been sidelined from job-growth opportunities because of their caregiving responsibilities.
Alzheimer’s disease and other mental-health conditions are more stressful on caregivers than dealing with physical ailments.
Half of adult caregivers say it’s moderately or very difficult to balance work and caregiving.
Three-quarters of the respondents found it to be stressful, and more than half found it to be overwhelming.
Depression affects 20 to 40% of all caregivers.
In the U.S., most caregivers are female and the patient receiving home care is the caregiver’s mother.
Women have been found to be more susceptible to caregiver burnout than men. Those who are responsible for helping someone with Alzheimer’s disease, dementia or a debilitating illness are also at a high risk of developing their own medical issues.

Here are the signs:

Emotional and physical exhaustion
Feeling pulled in two directions
Withdrawal from friends, family, and other loved ones
Loss of interest in activities which you previously enjoyed
Changes in appetite, weight, or both
Changes in sleep patterns
Getting sick more often
Feelings of alienation, helplessness, or hopelessness
Lack of energy to do new things
Feelings of wanting to hurt yourself or the person for whom you are caring
Excessive use of alcohol, medications or sleeping pills
Losing control physically or emotionally
Feeling stressed in the patient’s presence
Difficulty concentrating
Missing appointments

Source for Facts and Signs: http://aginginplace.org/caregiver-burnout/

Is anyone paying attention?

jernach@gmail.com (Jeremy Nachtigall) — Thu, 08 Apr 2021 15:07:31 GMT

Your parents might be giving money to every Tom, Dick and Harry who asks for it. This is occurring more and more as the population ages. I’ve experienced this with clients who have signed up for products and/or services that they don't even know about. When the bills come in, these frivolous or unauthorized charges usually go unnoticed unless there is someone paying attention.

There have been cases where I have found atypical charges that have been going on for years, with totals in the hundreds, if not thousands of dollars. Sometimes, if we catch these charges soon enough they can be stopped and hopefully reversed. But in other cases, we can stop future charges but short of legal action (yet another expense), there may be very little recourse to recover all of the past payments.

You may benefit from the services of a daily money manager with experience in dealing with these types of issues, who knows what to look for, can go over the bills with a fine tooth comb, and can spend the time on the phone with these vendors.

Financial Caregiving 101

jernach@gmail.com (Jeremy Nachtigall) — Tue, 06 Apr 2021 15:43:04 GMT

If you are doing some or all of these things and feel like you just don't have time to do everything, help is on the way! Here is a list of recommendations that will help you feel more organized and calm.

Start Your Financial Planning Now, Before an Emergency Arises

I have always said, inaction is the worst action. Be prepared. My mom spent 79 years healthy and active until she was stricken with ALS (Lou Gehrig’s Disease), which left her completely paralyzed. Be prepared because life can change overnight - trust me, I know. That is the first and most important piece of advice. Take the time now to get organized and define exactly what you will be doing with or on behalf of your aging loved one. If the thought of this is overwhelming and you don’t have the time, hiring a daily money manager will save you a lot of frustration. Preparation will be critical in the event of an emergency, especially when fast decisions or finding information quickly is required.

To be prepared, consider these tips:

Make Sure You Have Immediate Access to Important Financial Documents

As your parents get older it will become important for you to make sure you keep their critical financial documents organized. Obtaining and retaining these documents will give you the information you need to protect your parents’ assets. However, how do you know which documents are essential for you to have? For more guidance, see the blog section on our website . Here is a list of general categories:

Essential records
Financial documents
Legal documents
Insurance information
Important contacts
Passwords

Get Access To All Financial Accounts (Checking, Savings and Investments)

To write checks or withdraw funds, you need to be able to access checking accounts and should most likely be named on the account as well. It’s also very important that you have a financial POA to be able to access information and act on behalf of your loved one. This kind of information will be especially helpful if you provide long-distance caregiving support because you will then be able to access accounts online and over the phone.

Have Important And Recurring Bills Set Up as Automatic Payments

Direct deposit and paperless billing is often safer and easier to track than a paper check and pages upon pages of bills and inserts, etc. Arrange for water, electric, health insurance, mortgage, and other recurring payments to be set up as automatic debits. This can usually be done with the merchant or service provider or this can be done directly with the bank. Not only will this ensure the payments occur on time, but automatic payments can sometimes save you money by up to a few percentage points. It’s also a good idea to link the bill payments to an account where there will always be funds available. For example, your recurring bill paying could be linked to an account that is funded with regular Social Security payments or investment income.

These are only a few tips on how to make your financial caregiver journey easier. For more information, please read more of the information on our website .

Don't let tax time throw you for a loop

jernach@gmail.com (Jeremy Nachtigall) — Sat, 20 Mar 2021 21:26:29 GMT

I went to her house to pick up her documents and upon review, the documents I received from my client ranged from bank statements, to brokerage statements, from utility bills to insurance EOB’s and receipts, lots of receipts. It’s no wonder why people don’t want to do this. The whole process is overwhelming because there is so much confusing and unnecessary paper.
I’ve compiled a checklist of documents that you will need to bring with you to your tax preparer so your tax season will be orderly and stress-free.

Personal documents

Photo ID
Social Security Cards, Social Security Number verification letters, or Individual Taxpayer Identification Number assignment letters for you, your spouse, and any dependents
Birthdates for you, your spouse, and dependents on the tax return
Bank account and routing number or a voided check for direct deposit of your refund
2019 tax return (if you have it) for this year’s ‘lookback rule,’ which states that if you earned less in 2020, you can use either your 2019 or 2020 income on your taxes—whichever one gets you the most money back.

Income

Employment Income

W-2 form(s) for all jobs last year (your employer(s) will have sent you this by January 31st)

Self-Employment Income

1099-NEC and/or 1099-K
Records of income not reported on 1099 forms
Records of expenses including receipts, credit statements, etc.
Record of estimated tax payments

Retirement Income

SSA-1099 form for Social Security benefits
1099-R for pension/IRA/annuity income

Unemployment Income

1099-G for unemployment benefits

Other sources of income

1099-G for refund of state/local income taxes
1098-T for scholarships/fellowships
1099-R for disability income
Income or loss from the sale of stocks, bonds, or real estate
Income or loss from rental property
Alimony received
Statements for prizes or lottery/gambling winnings
Interest and dividend statements from banks
Records for any other income

Expenses

You may be able to claim tax deductions for some of the expenses you have. These deductions reduce the income you are taxed on. Bring documentation for all of the following expenses you have.

Retirement contributions, including a 401(k) or IRA
State and local taxes you’ve paid
Mortgage statements and property tax bills if you are a homeowner
College tuition (1098-T) and student loan statements (Form 1098-E)
Childcare expenses, including provider’s address and federal tax ID number
Receipts for charitable donations
Medical and dental bills
Records for supplies used as an educator

Dementia with dignity...

jernach@gmail.com (Jeremy Nachtigall) — Wed, 10 Feb 2021 19:27:26 GMT

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I was in the supermarket yesterday and saw an elderly woman, who was clearly agitated, berating her daughter because she wanted her mom to put on a jacket. You could see that the daughter was frustrated and embarrassed. Family members who care for their parents with dementia are faced with a huge challenge: How to live their own lives independently while helping their parents live independently with dignity.

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I wanted to reach over and hand her a business card before she left, but I didn't feel it was appropriate. I spent some time that weekend thinking about the experience and how difficult it is caring for a loved one with dementia. I know many people who are in this exact position and they are stressed. Some to the point of exhaustion. Caregiving is lonely and caregiver burnout is a real thing. With those demands, the caregiver, be it a daughter, son or professional often times forget about caring for themselves. Even if it means, in the case of a daughter, getting your nails done or in the case of a son, being able to watch a football game on a Sunday afternoon. These little breaks can really help with your mental, emotional and physical wellbeing.

In fact, Joseph Coughlin, Director of the MIT AgeLab says: “Many people think caregiving is mostly a physical act...but it's also very emotional. It is financial. It is logistics, transportation, getting the appliances fixed and groceries delivered.”

You shouldn't feel like you're alone. There are resources out there which will help to improve your situation.

Financial Caregiving in the Age of Coronavirus

Wed, 10 Feb 2021 18:09:49 GMT

Life has changed dramatically from where we were pre pandemic to where we are today. Everything has changed, from the way we work, to the way our children learn; from the way we shop for groceries to the way we communicate with each other. Every facet of our lives has been affected. Even the way we care for our loved ones has changed.

As a Daily Money Manager (DMM), I work closely -- but not too closely -- with seniors and their adult children to ensure that they stay on top of their daily administrative and financial obligations. This could be anything from opening and sorting mail to troubleshooting bills, to more complicated tasks that involve coordinating with legal, tax and financial professionals. I even help my clients with Subacute/LTC placement choices.

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But, in this age of COVID-19, I and many others are faced with a new question: How does one provide these services and be empathetic from a distance? You might be wondering the same if social distancing requirements are preventing you from getting close to your parents to help them with any of their daily administrative, logistical and financial tasks.

As we’ve all been adjusting to this new reality, it becomes ever more incumbent upon us, the adult children and members of the “sandwich generation,” to learn a new way to act as the financial caregivers to our parents while supporting our own families and households. I’ve compiled a series of best practices that I’ve used in my personal life as well as in practice, to help enhance my clients’ quality of life. I'll cover them in the next few blog entries.

Next article: Set up regular check-in calls

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Set up regular check-in calls

Wed, 10 Feb 2021 18:09:47 GMT

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Checking in with your parents on a regular basis will help you maintain a connection with them at a time when they might feel isolated, and help them stay on top of financial tasks when they might be feeling overwhelmed. The challenge, though, is checking in when you have to keep your distance.

There was once a time when we used to fumble around with new technologies like video calls but now, not only do we know our way around a Zoom call, so do our elderly parents! Check in on them to see if they need anything.

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You could use daily or weekly video calls to help your parents sort through the mail to separate solicitations from the bills that need to be paid. This can be time consuming, but it’s an important step in helping your parents stay on top of their finances. It also keeps them engaged and helps exercise the brain. Alternatively, you could have your parents’ mail forwarded to you.

Next article: Help your parents monitor accounts and pay bills

First article: Financial Caregiving in the age of Coronavirus

Help your parents monitor accounts and pay bills

Wed, 10 Feb 2021 18:09:45 GMT

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Many of our parents still write checks and mail their bills. Get your parents on automatic bill-pay for the utilities, credit cards and any other providers who bill at regular intervals. Where some providers aren't offering an auto pay option, you may be able to schedule bills to automatically be drafted directly from your parents’ checking account.

Although not as prevalent today, some of our parents still keep deposit accounts at multiple banks. They might have multiple whole life insurance policies (that they don’t even remember taking out) or several brokerage accounts. Everyone's life will be easier and less stressful if some of those accounts are consolidated.

Consolidating a brokerage account is fairly straightforward, and requires a signature on an ACAT (Account Transfer) form that can be obtained from your parents’ financial advisor. If it’s not feasible to consolidate accounts, at least maintain a list of all of the accounts and account numbers and store all documents related to those accounts in one location. This will make it easier to stay on top of everything.

Next article: Get permission to handle financial transactions for your parents

First article: Financial Caregiving in the age of Coronavirus

Get permission to handle financial transactions for your parents

Wed, 10 Feb 2021 18:09:43 GMT

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You might want to start discussing having your parents name you their power of attorney (POA) so you can legally make financial transactions and decisions for them. This can be a difficult conversation because Mom and Dad might feel as if they are giving up control. So approach the conversation very gently.

The POA could be limited, meaning that the language in the power will be very specific, limiting it to specific items. This may be a good way to break your parents into the idea of letting you handle some of their financial transactions.

Then, as you build trust, talk to your parents about the benefits of having a general power of attorney that would allow you to handle all financial transactions in case they no longer were able to on their own. Some families prefer not to share financial information with each other. In these situations, some DMM’s will act as agents for your parents, should they still want to maintain their privacy, which can also be beneficial to them in maintaining their dignity.

You're also going to want this authority to go into effect immediately rather than down the road. In legal terms, this means to look for a "durable" rather than a “springing” POA. If there is an emergency that requires a signature, you're going to need that POA to be immediately executable so you can act on behalf of your loved one. In fact, on new years eve, my client, in an emergency involving her husband, needed a POA and fortunately it was durable! The moral of the story is to be prepared because you never know.

Most, if not all, elder care attorneys will agree that the POA is the most important document to have. I work with elder care attorneys who are open for business and practicing appropriate social and physical distancing by offering drive-by document signing because of the importance of getting these documents signed and filed expeditiously.

Without power of attorney, your hands might be tied when it comes to helping your parents with their finances or in the case of their health, a healthcare POA otherwise known as an Advance directive. I worked with a client who was incapacitated and needed to apply for Medicaid. The application requires a five-year history of bank statements, but the bank account couldn’t be accessed because there was no financial power of attorney. So no one could apply for Medicaid on behalf of my client.

It may be helpful to speak with a trusted professional who can help you navigate the process in a practical manner. It is very important to be proactive rather than reactive. The longer you wait, the fewer options you will have. Don’t allow yourself to be forced into a less than desirable situation.

Next article: Protect parents from scams

First article: Financial Caregiving in the age of Coronavirus

Protect parents from scams

jernach@gmail.com (Jeremy Nachtigall) — Mon, 01 Feb 2021 18:24:51 GMT

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Our elder population is a prime target of scams. Your parents might not realize that scammers have created sophisticated schemes to take advantage of people.

According to a recent New York Times article, fraudsters "are bombarding Americans with emails and phone calls...to distribute malware and get people to divulge their bank information and other data, which can then be used to defraud the same people."

And especially during these times of economic recession, the article also notes that “malicious website domains were set up to take advantage of people looking for new forms of government support, according to the security firm Check Point.

Here are a few other practical tips to give your parents when it comes to protecting themselves from possible scams:

You may need to train your parents not to answer the phone unless they absolutely know who is calling.
If they do answer the phone, tell them not to provide any personal information to callers.
Warn your parents not to answer the call using the word “yes” because their voice may be recorded and then used for voice verification.
Tell them not to respond to any calls telling them they are ‘overpaying for their electric service’ or any offers to lower their electric bills.
Make sure they know not to open emails from unknown senders, not to click on links and not to reply with personal information.

If your parents have fallen behind on bills, don't fret. Call the provider and mention that you are calling on behalf of your parents. The provider will ask if your parents are available to authorize speaking on their behalf. If your parents cannot, explain why you are calling on their behalf. Most providers will work with you.

(this blog post is part of a series - click here to start from the beginning)

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How to deal with a loved one who has early-onset Alzheimer's disease

How a Daily Money Manager Can Help Seniors and Their Adult Children Manage Their Financial Affairs

Are We In A Recession?: Strategies for Financial Resilience...

Navigating the Conversation: Talking About Money with Your Aging Parents

Navigating the Storm: How to Cope with Inflation

Why is tax planning important?

Long-Term Care Communities - What's The Difference?

Paying for Long Term Care Without Insurance

The Importance of Medicare Part B for Elderly Individuals

Financial Fraud: Understanding the Risks and Protecting Your Money

Private Pay in Assisted Living Communities: How It Works

A story I hear often...

Do You Need a Cash Flow Analysis?

Are you concerned about your aging parents?

How to identify older adults who may need help

Protecting you from scammers

...how we're different!

The scammers are out in full force

...and we're on the front lines to keep you protected!

How To Gain More Hours In Your Day

Five Tips From Medicare

Seven Steps to Creating a Budget

Family Dynamics of Caregiving - Part 3

Family Dynamics of Caregiving - Part 2

Family Dynamics of Caregiving - Part 1

Don't Be Afraid of Medicaid

How do you know when it's time to lose the car and get a mobility van?

To Reverse or not to Reverse

Who will care for the caregivers?

It's never too late!

A day in the life of a Daily Money Manager...

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Why I Became a Daily Money Manager

There's 45 million of us...

Is anyone paying attention?

Financial Caregiving 101

Start Your Financial Planning Now, Before an Emergency Arises

Make Sure You Have Immediate Access to Important Financial Documents

Get Access To All Financial Accounts (Checking, Savings and Investments)

Have Important And Recurring Bills Set Up as Automatic Payments

Don't let tax time throw you for a loop

Personal documents

Income

Employment Income

Self-Employment Income

Retirement Income

Unemployment Income

Other sources of income

Expenses

Other Tax Documents or Notices

Dementia with dignity...

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Financial Caregiving in the Age of Coronavirus

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Set up regular check-in calls

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Help your parents monitor accounts and pay bills

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Get permission to handle financial transactions for your parents

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Protect parents from scams

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